With the economy continuing to recover, baby boomers are finally feeling confident enough to take action on their plans to purchase retirement homes. A recent survey from AARP shares a wide variety of boomer preferences ranging from homeownership rates, community ratings, the likelihood or reasons for moving during retirement, most-wanted remodeling modifications, to the most desired outdoor space features. As it turns out, a majority of boomers surveyed want a home that helps them live independently as they age, and more than half of boomers are willing to move in order to achieve that goal. In addition, respondents in each market disclosed one community feature with the largest need gap in eight different domains, including transportation, health and wellness, outdoor spaces, housing, job opportunities, social participation, community info, and volunteer or civic engagement.
Successful builders understand their obligation is to not only make sense of what customers want, but also understand how to deliver consumers what they are seeking. This is where Cotton & Company has the expertise to work with real estate developers and community managers to design and implement the most-wanted features. This in turn, ensures a quick sell-out as well as happy consumers.
Compared to buyers in other generations there are many similarities in the way boomers rank their top community features. Seven community features (typically suburban, park area, proximity to retail space, walking/jogging trails, a lake, swimming pool, and exercise room) make the top of the list irrespective of the home buyer’s age. Home repair services and affordable housing are most important to boomers, yet the majority lack those options in their current homes and communities.
Since boomers crave experiences and new adventures, location plays a crucial role in how they feel and what they want. They tend to want dining, shopping and entertainment all within easy reach. They have spent most of their lives in cars and now want the convenience of location and walkability so they can enjoy an evening on the town without having a designated driver.
Boomers expect to sell their old homes to move to new quarters, which may be less expensive, more comfortable, and more appropriate for their new stage of life as retired empty nesters. As home builders continue to prepare for boomer housing needs, it is important to note that these home buyers have more discretionary income than any other generation. Find out how Cotton & Company can help you to position your community and target the market that your development was made for.
Research from AARPs Age Friendly Community Survey and BuilderOnline.com